Multi-class share structures are common across public markets, giving some of a company’s shareholders superior voting rights. Shareholders with these rights are able exert influence that can outweigh their economic interest. Yet one share, one vote is a basic principle of shareholder democracy. It protects minority shareholder voices in markets with dispersed ownership.  

This report examines the dynamic between dual class shares and the idea of shareholder democracy. Using data from the 2024 proxy season, it shows that for companies with dual class shares, voting results on matters brought to the ballot often deviate significantly from broader market shareholder sentiment. 

Readers of this report will learn about: 

• Some of the conflicting views on dual class share structures. 

• How dual class share structures obscure proxy voting signals. 

• How clearer voting disclosures would strengthen accountability and limit systemic risks. 

To learn more, download the report.